Canopy Growth (NASDAQ:CGC) Director Sells $13,875.60 in Stock

Canopy Growth Corporation (NASDAQ:CGC) Director Theresa Yanofsky sold 14,920 shares of the firm’s stock in a transaction on Monday, September 28th. The stock was sold at an average price of $0.93, for a total transaction of $13,875.60. Following the completion of the sale, the director owned 131,495 shares of the company’s stock, valued at $122,290.35. This trade represents a 10.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Canopy Growth Stock Down 0.8%

Shares of NASDAQ:CGC opened at $0.88 on Friday. Canopy Growth Corporation has a fifty-two week low of $0.84 and a fifty-two week high of $2.38. The company has a quick ratio of 2.39, a current ratio of 3.04 and a debt-to-equity ratio of 0.31. The firm’s 50-day simple moving average is $0.96 and its 200-day simple moving average is $1.00. The company has a market cap of $393.32 million, a price-to-earnings ratio of -1.95 and a beta of 0.78.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $142.62 million during the quarter, compared to analysts’ expectations of $58.21 million. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. As a group, equities research analysts predict that Canopy Growth Corporation will post -0.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Foundations Investment Advisors LLC acquired a new stake in Canopy Growth in the 4th quarter valued at about $485,000. Royal Bank of Canada raised its position in Canopy Growth by 1,115.6% during the first quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock worth $927,000 after acquiring an additional 895,680 shares during the last quarter. Lazard Asset Management LLC acquired a new position in Canopy Growth during the first quarter worth about $1,716,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Canopy Growth by 723.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after purchasing an additional 4,037,281 shares in the last quarter. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on CGC shares. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Weiss Ratings lowered Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 16th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

About Canopy Growth

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and has developed a portfolio of cannabis brands serving both adult-use and medical markets.

Canopy Growth’s products include dried cannabis flower, pre-rolls, cannabis oils, softgels, edibles, beverages and vaporization products. Its brand portfolio has included Tweed, 7ACRES, Doja, Deep Space and other cannabis brands, as well as Storz & Bickel vaporization products.